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    Title: 員工最適激勵契約設計-股票與股票選擇權之應用
    Authors: 葉京怡
    Yeh, Ching-Yi
    Contributors: 胡聯國
    葉京怡
    Yeh, Ching-Yi
    Keywords: 員工股票選擇權
    認股權證
    激勵誘因
    代理理論
    訊息不對稱
    Stock option
    Warrants
    Incentive
    Agent-principal theory
    Asymmetric information
    Date: 2001
    Issue Date: 2016-04-18 16:24:08 (UTC+8)
    Abstract: 就現階段的企業經營型態而言,專業人才的良窳以及培育訓練可能遠勝於公司有形資產的多寡,這種情形在高科技產業尤其明顯。企業為了留住優秀人才,必須提供許多激勵措施。就我國企業而言,最普遍的激勵措施是員工分紅配股制度。然而,在此制度下,容易產生員工短視近利的缺失。歐美等國較常採行所謂的股票選擇權制度,由於此種制度具有激勵未來的特性,屬於「長期的激勵因子」,更能使員工與股東的利益趨於一致。因此,財政部為順應高科技產業的需求,於民國八十九年准許上市公司實施員工股票選擇權制度,此制度開放後,勢必影響到我國企業對於員工長短期激勵誘因的最適決策。
    Reference: 一、中文部份
    1.王駿東(1994),「附認股權證債券定價之研究」,政治大學企業管理研究所碩士論文。
    2.朱建彥(2000),「企業併購最適支付方式契約設計」,政治大學國際貿易研究所碩士論文。
    3.洪玉舜(1997),「薪資契約與代理成本之研究-衍生性金融商品之應用」,政治大學國際貿易研究所碩士論文。
    4.鄭淑芬(1999),「員工紅利最適配股率之研究—以台灣上市電子公司為例」,中山大學財務管理研究所碩士論文。
    5.俞海琴、李紹壁(1994),「選擇權訂價模式在財務管理上之應用」,企銀季刊,第十七卷第四期,頁 29-39。
    6.陳松男(1996),「選擇權與期貨:衍生性商品理論與實務」,三民書局。
    7.陳隆麒、翁霓(1992),「員工持股計畫與公司績效關係之研究」,管理評論,頁81-102。
    8.馮震宇(2000),「數位時代股票留才策略的法律問題」,能力雜誌,頁52-58。
    二、英文部份:
    1.Black, F., and M. Scholes., (1973), “The Pricing of Options and Corporate Liabilities.” Journal of Political Economy(May/June): 637-59.
    2.Galai, D. and Schneller, M.I., (1978),“Pricing of Warrants and The Value of The Firm.” The Journal of Finance(December): 1333-1341.
    3.Hauser, S. and Lauterbach, B., (1997),“The Relative Performance of Five Alternative Warrant Pricing Models.”Financial Analysts Journal (January/February): 55-61.
    4.Holmstrom, B. and Milgrom, P., (1994),“The Firm as an Incentive system.”American Economic Review, Vol.84 : 972-991.
    5.Holmstrom, B., (1979), “Moral Hazard and Observability.” Bell Journal of Economics 10: 74-91.
    6.Ingersoll, J.E. (1987), “Theory of Financial Decision Making.”Savage, Md. : Rowman & Littlefield Publishers.
    7.Jeff, S. and Kerry, T., (1998), “Designing and Implementing a Broad-Based Stock Option Plan.” Compensation and Benefits Review.
    8.Lauterbach, B. and Schultz, P., (1990), “Pricing Warrants: An Empirical Study of the Black-Scholes Model and Its Alternatives.”The Journal of Finance(September): 1181-1209.
    9.Merton, R., (1973), “Theory of Rational Option Pricing.” Bell Journal of Economics and Management Science3: 141-183.
    10.Mirrlees, J., (1974),“Notes on Welfare Economics, Information and Uncertainty.”, In Essays on Economic Behavior under Uncertainty, edited by Michael Blach, Daniel McFadden and Shif-yen Wu.Amsterdam: North-Holland.
    11.Park, S. and Song, M.H., (1995), “Employee Stock Ownership Plans, Firm Performance, and Monitoring by Outside Blockholders.”Financial Management, Vol. 24, No. 4,(Winter): 52-65.
    12.Richard, A.D., Robert, R.J., and Thomas, S.Z., (1990), “The Effect of Executive Stock Option Plans on Stockholders and Bondholders.”The Journal of Finance(June): 617-627.
    13.Robert, A.H. and Lemma, W.S., (1981), “Resolving the Agency Problems of External Capital through Options.”The Journal of Finance(June): 629-647.
    14.Sidenius, J., (1996),“Warrant Pricing-Is Dilution a Delusion?” Financial Analysts Journal (September/October): 77-80.
    15.U.S. General Accounting Office, Employee Stock Ownership Plans: Benefits and Costs of ESOP Tax Incentives for Broadening Stock Ownership (Washington, D. C.:1987).
    Description: 碩士
    國立政治大學
    國際經營與貿易學系
    88351018
    Source URI: http://thesis.lib.nccu.edu.tw/record/#A2002001506
    Data Type: thesis
    Appears in Collections:[國際經營與貿易學系 ] 學位論文

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